The Verkhovna Rada of Ukraine has passed the amendments to the Tax Code of Ukraine regarding simplified taxation system. 264 MPs voted in favor of adoption, ForUm correspondent reports.

According to Vitaly Homutynnik, the head of parliamentary committee on finances, bank activity and tax and customs policy, the draft law provides for four categories of entrepreneurs, subjected to the simplified taxations.

According to him, the first category includes small entrepreneurs with the amount of income of up to UAH 150,000 (1 USD - 7.98 UAH), which has no hired workers and pay a tax from UAH 10 to UAH 100 a month, and are engaged in trade on the markets and rendering everyday services.

The second category of entrepreneurs are natural persons with the income of UAH 1 million and having a right to hire 10 persons. For those entrepreneurs payment of the tax is determined at the level of from UAH 20 to UAH 100.

The third category includes natural persons-entrepreneurs with the income not exceeding UAH 3 million and the number of hired workers up to 20 persons. Those entrepreneurs should pay a tax at the level of 3% or 5%, depending on whether their activity is carried out with VAT or without it.

The fourth category of entrepreneurs includes those entrepreneurs or legal persons, whose income does not exceed UAH 5 million and they can hire 50 persons. They will pay a tax at the level 3% or 5%.

Therefore, according to Khomutynnyk, the amount of income is increased twofold to six fold for all groups of entrepreneurs against the presently existing norms and the tax is cut "actually twofold against the conditions existing now."

These amendments to the Tax Code will come into force since January 1, 2012.

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